Pebblebrook sells two New York hotels

Pebblebrook Hotel Trust traded two of its New York hotels to Highgate Hotels and the LeFrak Organization amid efforts to scale back its portfolio.

These are the first two sales from the Maryland-based real estate investment trust following its $5.2 billion merger with LaSalle Hotel Properties in November. Pebblebrook plans to sell between $750 million and $1.25 billion in legacy LaSalle Hotel Properties hotels over the next six to 12 months. The sale consisted of the Park Central New York and the Gild Hall hotel.

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